The transfer of ANZ Vietnam's Retail business to Shinhan Bank Vietnam was successfully completed on Monday 18 December 2017 ("Transfer Completion Date"), at which time transferring ANZ Vietnam Retail customers became customers of Shinhan.

For transferring customers, all of your banking products and services that were in place, or outstanding, with ANZ on the Transfer Completion Date, including Accounts, Debit Cards, Credit Cards, Loans, were transferred to Shinhan in accordance with the Terms of Transfer set out herein unless you chose to terminate some of them, or you did not sign the Transfer Consent Form to migrate your Deposit Account and Debit Card.

This sale does not have any significant impact on our Institutional business in Vietnam. Customers who used to rely on retail branches for certain transactions have already been contacted and separate arrangements made. For more information about ANZ Vietnam's Institutional business, please call 1800 585 838 or visit https://institutional.anz.com/countries/vietnam/en

Background:

In April 2017 ANZ entered into an agreement to sell its Retail business in Vietnam to Shinhan Bank Vietnam, a subsidiary of a South Korean company listed dually on the Korean and New York stock exchanges.

We have a long and successful history in Vietnam and we will be maintaining our presence through our institutional bank which will continue to support our corporate clients in Vietnam and the Greater Mekong Region.

The transaction follows a strategic review of our retail and wealth operations in Asia, as we looked at options to simplify the bank and distribute capital more efficiently across the Group.

This transaction includes eight branches/transaction offices in Hanoi and Ho Chi Minh City, along with all staff who support the Retail business. This means continuity for customers but also greater career opportunities for our people to join a bank with growth ambitions for its retail business.

Shinhan Bank has been in Vietnam since 1993 and is one of the country's first 100 per cent foreign owned banks. It currently has 18 branches, the most of any foreign bank. Recently, it had four more branches approved by the State Bank of Vietnam

FAQs

1) Why did ANZ sell its Retail business in Vietnam?

This sale enables ANZ to reshape our business and focus our resources in Vietnam on Institutional Banking.

We looked carefully at our Retail and Wealth business in Asia to see how we could continue to build a truly world-class bank for our customers. We carried out a strategic review which found that to make a real difference for our Asia Retail and Wealth customers, ANZ would need to significantly increase its investment in its branch network and digital capability.

As a result, last year we announced the sale of our Retail and Wealth businesses in Singapore, Hong Kong, China, Taiwan and Indonesia to DBS Bank Limited. These transactions are on track to be completed by early 2018. For more information on the deal with DBS, please visit: www.anz.com/anzretailwealthasia.

We are pleased to have found Shinhan for our Vietnam Retail business - a buyer who we believe will be a great fit to support our customers in Vietnam.

2) How did ANZ go about ensuring customers were aware of the transfer and what it means for them?

Since the announcement of the deal with Shinhan in April 2017, ANZ has prioritized an effort to keep Retail customers informed of the transfer process. Customers have received a number of communications in the months preceding the transfer, including:

The announcement of the deal and the reasons why ANZ had agreed to sell its Vietnam Retail business to Shinhan Bank Vietnam;

A notice to customers including details about the transfer and information for customers needing to provide consent;

A reminder letter ensuring customers who were required to perform any actions knew exactly what to do;

Final transfer confirmation letter, including details on what customers can do during the transfer process to minimise disruptions to their banking services.

In addition to this, ANZ developed an online resource, available in both English in Vietnamese, which was kept regularly updated with important information for customers (http://www.anz.com/retailvietnamenglish). ANZ Vietnam's Contact Centre staff were equipped with the latest information for customers making enquiries, and frontline staff working in branches and managing relationships with customers were well informed to ensure customer queries could be addressed quickly.

Customers were informed that the transfer was expected to be completed by the end of 2017, and the banks were able to successfully transition in this timeframe, with the transfer completed on Monday 18 December 2017.

3) How closely have ANZ and Shinhan been collaborating to ensure a smooth transition for customers?

Since the announcement of the deal, ANZ Vietnam and Shinhan Bank Vietnam have been working together on a daily basis to execute a detailed plan designed to ensure a smooth transfer for customers. Extensive testing was performed in the lead-up to the transfer to ensure both banks were well prepared for the migration process.

There are always challenges associated with transactions of this scale and complexity involving two large organizations.

Shinhan is working hard and they are in the process of communicating with transferred customers to further explain any steps customers need to take as part of the transition, and are ready to address any specific issues that arise.

4) How does this impact ANZ Vietnam's Institutional banking business?

This sale has no significant impact on our Institutional business and customers. We remain absolutely committed to our Institutional business in Vietnam. Customers who used to rely on retail branches for certain transactions have already been contacted and separate arrangements made.

ANZ Vietnam's remaining offices in Hanoi and HCMC as well as its electronic banking and toll free contact centre (1800 58 58 38) are operating as normal to serve ANZ Vietnam's institutional clients. The following ANZ Service Counters are available to provide banking services to ANZ Vietnam's institutional clients:

Asia, and Vietnam in particular, remains core to ANZ's strategy. By focusing our resources in Asia on Institutional Banking, we can continue building our Institutional business with award winning FX, Trade and Cash Management Platforms supporting large corporate and financial institution clients driven by trade and capital flows.